Crypto Slides as an Nvidia Probe Drags Tech Stocks Lower

Crypto majors fell on Monday, 9 November, as an investigation Nvidia's board opened into a reported foreign intelligence effort aimed at its chief executive dragged chip and technology shares lower.

Bitcoin traded near $73,900 at 2:31 a.m. ET, down 2.5% over 24 hours and 12.2% over roughly four weeks, CoinGecko prices show. It touched a 28-day low of $73,477 on Coinbase in the minute beginning 4:55 p.m. ET on Sunday. Ether changed hands at $2,087.31, down 18.8% over about 28 days and 8.6% over seven.

• The news: Crypto majors slid on 9 November after Nvidia's board opened an independent investigation into reporting that CEO Jensen Huang was the target of a foreign intelligence effort.
• The figure: Bitcoin traded near $73,900, down 12.2% over four weeks, after a $73,477 low on Coinbase on 8 November.
• What happens next: Republican lawmakers have asked Huang to testify before Congress on 18 November, and Nvidia's board review is under way.

Nvidia's Board Opens an Intelligence Inquiry

Nvidia's board said it is initiating an independent investigation "in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort." A committee of independent directors, assisted by outside independent counsel, will oversee it.

In the statement, the board said it had "no reason to believe that either national security or NVIDIA secrets were compromised," adding that its inquiry "will examine all available information." It said Huang "fully supports the review and has committed to cooperating with it."

The allegations first surfaced in a New York Times investigation late last month, which reported that US intelligence officials believed Alice Huang, a business executive, had been recruited by Beijing to gather information about Nvidia's chief executive and potentially influence chip sales to China. Whether Jensen Huang knew of any such operation, what information may have been obtained, and whether sensitive material reached Beijing remain unresolved.

Huang has acknowledged infidelity in a memo to staff. President Donald Trump has defended him as an "honourable guy," while Chinese foreign ministry spokesperson Guo Jiakun called the "so-called Chinese spy narrative" unsubstantiated. Nvidia shares fell more than 4% in trading overnight into Monday, against a market capitalisation of $4.5 trillion.

$1.14 Billion of Longs Liquidated in 24 Hours

CoinGlass data put more than $1.14 billion of leveraged positions liquidated over 24 hours, with long positions accounting for about 90% of the total. Bitcoin liquidations reached about $305 million, and its open interest slipped only 0.2%.

Futures trading volume over the past 24 hours surged more than 200% to $180 billion, while open interest fell about 3% to $127 billion. Only five of the top 100 tokens by market capitalisation gained more than 1%.

All seven assets in a CoinGecko comparison, bitcoin, ether, BNB, XRP, Solana, Dogecoin and Cardano, were lower over 24 hours. XRP fell 6.6% and ether 6.5%, while Solana, Dogecoin and Cardano lost between 4.1% and 4.4%; BNB declined 3.2%.

Bitcoin's one-week implied volatility jumped to 43% from about 33% the previous Thursday, while ether's rose to about 60% from 46%.

Ether Breaks Below Its 200-Day Average

Ether closed below its 200-day moving average on Sunday for the first time since 18 August, then fell to the $2,100 level. Its 28-day loss of 18.8% is steeper than bitcoin's 12.2% over the same window, and its 8.6% seven-day drop compares with bitcoin's 5.4%.

The digital-asset market turned weaker on concern that US technology stocks could extend their decline, with the pullback hitting the large tokens hardest.

Congress Wants Huang on 18 November

Republican lawmakers called on Huang to testify before Congress on 18 November, arguing the allegations raise serious questions about China's potential access to sensitive US technology. Nvidia's board said its inquiry, run by the committee of independent directors and outside counsel, will examine all available information, leaving that date and the review's findings as the next markers for the company and for the risk appetite that carried into crypto.